New York, United States , May 19, 2023 (GLOBE NEWSWIRE) -- The Global Power Transformer Market Size is to grow from USD 21.64 billion in 2022 to USD 45.02 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period.
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A power transformer is a crucial component in electrical power systems, used for the efficient and safe transmission and distribution of electrical energy. It works on the principle of electromagnetic induction, transferring energy from one circuit to another by changing the voltage level of an AC power supply. The transformer consists of a core made of magnetic material and two or more coils of wire wrapped around it. By varying the number of turns in the coils, the transformer can step up or step-down voltage levels. Power transformers are used in a variety of industrial and commercial applications, from power generation and distribution to electronic equipment and motor drives, and require regular maintenance to ensure optimal performance and longevity.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Power Transformer Market Size, Share, and COVID-19 Impact Analysis, By Core (Closed, Shell, and Berry), By Insulation (Gas, Oil, Solid, Air, and Other), By Phase (Single and Three), By Rating (100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA), By Application (Residential & Commercial, Utilities, and Industrial), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032". Get Detailed Report Description Here:
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The three-phase segment is expected to grow at a CAGR of around 9.7% during the forecast period
Based on phase, the global power transformer market is segmented into single and three phases. The three-phase segment is expected to grow in the power transformer market due to its numerous advantages over single-phase transformers. Three-phase transformers are more efficient, compact, and cost-effective, making them ideal for use in a wide range of applications, including power generation, transmission, and distribution. They are also preferred for high-power applications, such as industrial and commercial power systems. Additionally, the increasing demand for renewable energy and grid modernization is driving growth in the three-phase segment, as these applications often require high-capacity transformers that can handle variable loads and voltages.
The oil insulation segment held the largest market share with more than 56.4% market share
Based on insulation type, the global power transformer market is segmented into gas, oil, solid, air, and others. The oil insulation segment held the largest market share in 2022, due to its superior insulating properties and ability to withstand high temperatures. Transformers with oil insulation are known for their reliability and durability, making them a popular choice for a wide range of applications, including power generation, transmission, and distribution. Moreover, the oil insulation segment is expected to continue dominating the market owing to the increasing demand for oil-insulated transformers in emerging economies and the expanding industrial sector.
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Asia-Pacific is predicted to grow at a significant CAGR of around 9.2% over the projected period.
Based on region, the Asia-Pacific region is expected to continue driving growth in the power transformer market in the coming years. The region is projected to experience increasing demand for electricity due to ongoing economic development and industrialization. Governments in the region are investing in power infrastructure to support this growth and meet the rising energy demand. Additionally, the region is expected to witness a shift towards renewable energy sources, which will require significant investments in power infrastructure and create new opportunities for the power transformer market. The presence of major power transformer manufacturers in the region and ongoing technological advancements are also expected to contribute to market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global power transformer market include ABB Ltd., Siemens AG, General Electric Company, Toshiba Corporation, Schneider Electric SE, Mitsubishi Electric Corporation, Hitachi, Ltd., Crompton Greaves Limited, Bharat Heavy Electricals Limited (BHEL), Hyundai Electric & Energy Systems Co., Ltd., Hyosung Power & Industrial Systems, Performance Group, SPX Transformer Solutions, Inc., Hammond Power Solutions Inc., WEG SA, and SGB-SMIT Group.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global power transformer market based on the below-mentioned segments:
Power Transformer Market, By Core
- Closed
- Shell
- Berry
Power Transformer Market, By Insulation
- Gas
- Oil
- Solid
- Air
- Other
Power Transformer Market, By Phase
- Single
- Three
Power Transformer Market, By Rating
- 100 MVA to 500 MVA
- 501 MVA to 800 MVA
- 801 MVA to 1200 MVA
Power Transformer Market, By Application
- Residential & Commercial
- Utilities
- Industrial
Power Transformer Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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Global Power Transformer Market Size, Share, and COVID-19 Impact Analysis, By Core (Closed, Shell, and Berry), By Insulation (Gas, Oil, Solid, Air, and Other), By Phase (Single and Three), By Rating (100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA), By Application (Residential & Commercial, Utilities, and Industrial), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032
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